– Reporting Period 24 April – 07 May 2024 –
ICE Cotton No.2 futures maintained their downward trend over the period and continued to decline, punctuated by brief periods of shallow rise. Prices moved well below the 80-cent mark and occasionally fell to their lowest level in ten months. Despite the low price level, a lack of demand prevented the futures from breaking free of their bearish trend.
It remained the same old story of the last few weeks: restrained demand from spinning mills due to uncertain markets. Experts estimate that there is little prospect of improvement in near future, especially as there is currently no bad news from production. The weather conditions at the moment indicate average to good production in most regions.